In March 2024, the LIFE-AR Board agreed to establish a new LDC-owned not-for-profit company limited by guarantee, named the LIFE-AR Facility. The LIFE-AR Facility will be the primary vehicle for delivering the LDC 2050 Vision for a climate resilient future. It will reflect the LIFE-AR principles and oversee the LIFE-AR strategy to enable enhanced direct access.
This transition is part of the initial design of LIFE-AR, which was hosted by the International Institute for Environment and Development (IIED) in the interim.
A smooth transition to an LDC-owned and led Facility, is crucial to the success of LIFE-AR, in supporting an institutional structure of challenging ‘Business As Usual’ practices.
The Interim Secretariat will lead the transition to a LIFE-AR Facility, to establish the operational and procedural systems to move to a new entity, with supervision from the LIFE-AR Board.
The LIFE-AR Board has determined that the transition process should aim to take no longer than two years and will be undertaken in two phases:
- An Establishment phase to set-up a new legal entity with its own procedures and governance, and
- A Test and Evolve phase, to test the procedures and governance in practice.
Throughout the transition, fiduciary, reputational and operational risks will be managed and mitigated, to ensure the Facility’s long-term sustainability.
The LIFE-AR Facility will be the primary vehicle for delivering the LDC 2050 Vision